Contact:
Betsy Weinberger
(704) 715-4539
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December 04, 2000
First Union Capital Partners Leads $55 Million Equity Financing for MedCap Properties, LLC
CHARLOTTE, N.C. - First Union Capital Partners, LLC (FUCP) today announces leading a $55 million equity financing for MedCap Properties, LLC (MedCap), a private real estate firm focused on acquiring, developing and managing medical office real estate located on and around acute care facilities. MedCap was formed in partnership with HCA—The Healthcare Company (NYSE: HCA)—to acquire 116 properties from HCA as part of their ongoing efforts to focus on their core business of providing high-quality healthcare services. First Union Capital Partners led this round of financing with a $23.5 million investment. Other investors included CapitalSource, LLC and certain private investors.
"We are extremely pleased to have First Union Capital Partners lead this round of financing for our company," said Chuck Elcan, CEO of MedCap. "FUCP has a record of successful investments in the healthcare industry and the expertise and resources to be outstanding partners for us. The changing healthcare landscape has created new opportunities to realize significant value from these assets. By pursuing a strategy of growth through acquisition and development, enhanced asset management and portfolio diversification, we intend to become a leading healthcare real estate company."
"MedCap is well positioned to be a leader in the healthcare real estate market," said David Grams, principal of First Union Capital Partners, who has joined the board of governors. "With a strong portfolio of assets, an experienced management team, and the involvement of a nationally recognized, leading acute care provider, MedCap is clearly an attractive investment for us."
About MedCap Properties, LLC
MedCap is a privately held company based in Nashville, Tennessee. The company was formed in July 2000 to acquire 116 medical office buildings in sixteen states with concentrations in Texas, Tennessee and Florida. MedCap purchased these assets from HCA, which has retained an ownership interest in the new company.
About First Union Capital Partners, LLC
First Union Capital Partners is the equity investment group funded by First Union Corporation, one of the nation's largest financial services companies. The group was founded in 1988 and has twenty-six investment professionals. FUCP currently has $3 billion under management in more than 100 companies. Industry focuses include Media, Telecom and Internet Infrastructure, Technology and IT Services, Financial Services, Healthcare, Natural Resources, and Diversified Industries. For more information, visit http://www.firstunioncapitalpartners.com.
First Union (NYSE:FTU), with $247 billion in assets and stockholders' equity of $15 billion at September 30, 2000, is a leading provider of financial services to fifteen million retail and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices in eleven East Coast states and Washington, D.C., and full-service brokerage offices in forty-six states and international offices worldwide. Online banking products and services can be accessed through www.firstunion.com.
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